SBI Securities Co. Ltd. reduced its stake in Snowflake Inc. (NYSE: SNOW) by 33.7% during the third quarter, selling 4,130 shares to leave it with 8,138 shares worth $2,763,000, according to its latest SEC filing. The move contrasts with other major investors who increased their positions in the first quarter. Janus Henderson Group PLC boosted its stake by 22.2%, acquiring an additional 544,960 shares to hold 2,997,385 shares valued at $452,014,000. Pictet Asset Management Holding SA lifted its position by 44.7%, adding 803,110 shares to own 2,600,571 shares worth $392,259,000.
Other significant investors also expanded their holdings. Swedbank AB increased its stake by 24.0%, purchasing 319,356 shares to hold 1,649,771 shares valued at $248,818,000. Harel Insurance Investments & Financial Services Ltd. boosted its position by 76.9%, acquiring 509,230 shares to own 1,171,833 shares worth $176,736,000. The Swiss National Bank raised its stake by 7.1%, adding 62,600 shares to hold 944,600 shares valued at $142,465,000. Institutional investors and hedge funds collectively own 65.10% of Snowflake's stock.
Snowflake's stock opened at $325.26 on Friday, with a 52-week range of $118.30 to $384.56. The company reported strong earnings for the quarter ending September 2nd, with $0.62 earnings per share, beating estimates by $0.17. Revenue reached $1.55 billion, up 35.1% year-over-year. However, insider sales have been notable, with EVP Christian Kleinerman selling 15,000 shares for $5,123,550 and CRO Jonathan Beaulier selling 755 shares for $253,951.80. Director Frank Slootman sold 300,000 shares worth approximately $94.9 million.
Analysts remain bullish on Snowflake, with 36 rating it a Buy, five a Hold, and one a Sell. The average target price is $413.87. Positive sentiment surrounds Snowflake's partnerships and AI momentum, though some question whether the stock is fully valued given recent share-price momentum. The company's cloud-based data platform continues to attract attention as investors focus on demand for cloud infrastructure and data analytics.